Page 22 - Bullion World Issue 1 May 2021

Bullion World | Issue 01 | May 2021
Bullion W orld Issue 01
In future as well, NSE shall continue
to work towards overall development
of the commodity markets in India,
deepening the markets and plans bring
in more innovative products including
the products that appeal to the retail
participants which shall help the bullion
fraternity. NSE shall continue to engage
with the various associations and
trade bodies across the country with
an objective to reach out to all the key
stakeholders to understand the industry
ask and meet the needs of the market
NSE has witnessed participation in the successful acceptance of the product by players and value chain participants by
gold mini options contracts from a wide the market participants. offering more relevant and convenient
range of market participants (more than Further working towards market products.
275 participants have traded in gold mini development and to equip the
options). Further in the past 10 months participants, the international Live spot
since launch, physical delivery of gold Gold price ‘XAU’ was made available in
was facilitated in 9 months. Rupee terms on NSE trading screens. “ NSE has been the
These prices are referred by Banks, first exchange in India
NSE has taken the rollout of the Bullion Dealers, Jewellers and other key
contract seriously and worked on the value chain participants. to roll out NSE Refiner
development of the segment through Standards (NRS) for
various initiatives, in a focussed The XAU international Price is converted Gold Bars conforming
and structured manner. NSE has into Indian Price taking the live rupee
been engaging with the key industry vs dollar exchangebrate and adding the to BIS Standards,
associations and experts. NSE has import duties. This price provides a more thereby enabling the
conducted over 118 awareness / relevant reference point for the trading gold bars produced by
knowledge sessions, including the participants and aids them in their
programs conducted jointly with the decision-making process by providing a the domestic
industry associations. Key industry live and relevant reference point. refiner’s to be
experts have also graced such deliverable on the
sessions and shared their valuable NSE has also taken an important step
experiences and insights during such in line with the Make in India Initiative of Exchange platform,
awareness sessions. Overall NSE has Government of India. NSE has been the subject to such bars /
witnessed a strong participation in first exchange in India to roll out NSE refiners adhering to the
such sessions from more than 4000 Refiner Standards (NRS) for Gold Bars
market participants. In addition to these conforming to BIS Standards, thereby NRS. ”
knowledge sessions, NSE also touch enabling the gold bars produced by the
based with the value chain participants domestic refiner’s to be deliverable on
to guide them and create awareness the Exchange platform, subject to such
about the various opportunities offered bars / refiners adhering tothe NRS. The In his current role, he is responsible for
by the NSE product offerings. robust and innovative processes set by commodities business development at
NRS is a major step NSE, building business at NSE IFSC
Further, for towards empowering and one of the key architects of the NSE
ensuring the Indian refiners IFSC – SGX connect model. As part of
constant “ Further working and paving the way his commodity business development
liquidity and towards market for developing India role, he is responsible for the entire
continuous as a price setter than business expansion and has also
order flow in development and to a price taker.
the contracts, equip the participants, implemented NSE Refiner Standard by
NSE has also the international NSE is an which local refiners will be empanelled
introduced Live spot Gold price organisation that to deliver their bars in the exchange
an effective strives for excellence platform. He has over 25 years of
Liquidity ‘XAU’ was made and believes in experience in the Stock Exchange and
Enhancement available in Rupee understanding the Clearing Corporation space.
Scheme by terms on NSE trading requirements of the
appointing screens. ” market for offering
market makers effective and efficient
who provide trading instruments.
continuous two-way quotes. Thus, the Creating Awareness has always been
Open Interest and the participation an integral part of any product rollout at
speak of the NSE.

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